Stiles buys land, scores financing for Monarch Town Center

Project will consist of 169K sf of retail space in Miramar

Dec.December 26, 2018 05:30 PM

Plans for Monarch Town Center and Kenneth Stiles

Stiles Corp. just bought the land for its planned Monarch Town Center, a grocery-anchored retail development in Miramar.

Property records show the Fort Lauderdale-based developer paid $15.3 million for 22.5 acres of land at the northwest corner of Miramar Parkway and Flamingo Road. In conjunction with the deal, Stiles also secured $38.3 million in construction financing from Wells Fargo.

Attorney Frank A. Ferraro represented the selling entity, Miramar Investment Partners. Previous sale information was not available online.

Over the summer, Stiles submitted plans to the city government for the shopping center development. The site plan was approved by the Miramar City Commission in October.

Stiles is developing a number of projects in Broward County. In November, Stiles secured $204 million in financing for its Main Las Olas project in Fort Lauderdale. The firm is developing the 2.7-acre development with partner Shorenstein Properties. It will consist of 357,000 square feet of Class A office space, a 341-unit apartment tower, restaurants and retail space once completed.

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